Welcome to our dedicated page for Faro Technologies news (Ticker: FARO), a resource for investors and traders seeking the latest updates and insights on Faro Technologies stock.
FARO Technologies, Inc. (symbol: FARO) is a leading global provider of 3D measurement, imaging, and realization solutions. Headquartered in Lake Mary, Florida, with branches around the world, FARO is renowned for pioneering technology that bridges the digital and physical worlds. The company designs, develops, manufactures, markets, and supports software-driven solutions for 3D metrology, architecture, engineering, construction (AEC), operations and maintenance (O&M), and public safety analytics.
FARO's products enable customers to capture, measure, manipulate, interact with, and share 3D and 2D data from the physical world in a virtual environment. This technology is crucial for the inspection of components and assemblies, rapid prototyping, reverse engineering, and documenting large volumes or structures in 3D. The company's solutions are also widely used in surveying, construction, and the investigation and reconstruction of accident and crime scenes.
FARO's core offerings include high-precision 3D measurement devices and software that enhance production and quality assurance processes. Worldwide, around 15,000 customers operate more than 30,000 installations of FARO systems. Some of the latest advancements from FARO include the Orbis Mobile Scanner and an enhanced version of FARO Sphere XG, which have been well-received in the market.
Financially, FARO has demonstrated strong performance. In the third quarter of 2023, the company reported revenues of $86.8 million and non-GAAP EPS of $0.02, surpassing expectations. The recent promotion of Matthew Horwath to SVP & Chief Financial Officer highlights the company's strategic focus on strengthening its leadership team to drive long-term growth and operational efficiency.
FARO's commitment to security and compliance is evident from its successful completion of the SOC 2 Type II audit for Sphere XG, ensuring protection of customer data. The company continues to innovate and expand its product portfolio, maintaining its status as a trusted source for 3D measurement technology.
For 40 years, FARO has been at the forefront of #RealityCapture, providing industry-leading technology that enables customers to measure their world and use that data to make smarter, faster decisions. Keep up to date with FARO's latest news and developments through their Investor Relations webpage.
FARO Technologies, Inc. (NASDAQ: FARO), a leader in 4D digital reality solutions, is set to release its financial results for the first quarter of 2023 after market close on May 3, 2023. The announcement will be accompanied by a conference call featuring Michael D. Burger, President and CEO, and Allen Muhich, CFO, at 5:00 p.m. ET on the same day. Interested participants can join the call by dialing 800-267-6316 for U.S. or +1 203-518-9783 for international calls, and should aim to connect 10 minutes prior to the start to avoid delays. A live webcast will also be available on FARO's Investor Relations website, with a replay accessible approximately two hours after the call for 30 days.
FARO Technologies, Inc. has announced the launch of Hybrid Reality Capture™, a groundbreaking solution that enhances scanning efficiency by 100%, allowing users to complete two weeks of work in one. This innovative technology combines the precision of static 3D laser scanning with the speed of panoramic imaging, enabling scans in just 30 seconds. The solution is designed for the architecture, engineering, construction, and public safety sectors, and it will be available as a subscription in FARO's Stream mobile app. FARO's President and CEO, Michael Burger, emphasizes this technology's potential to dramatically improve productivity and deliver high-quality visual data.
FARO Technologies, Inc. reported its financial results for Q4 and full-year 2022, showing a 4% increase in total sales to $103.9 million. On a constant currency basis, revenue grew 10% to $110.5 million. The company noted growth in Laser Scanners and European market demand, alongside the impact of its acquisition of GeoSLAM. However, software sales declined by 5% and gross margin fell to 49.1%. For Q1 2023, FARO expects revenue between $81 to $89 million, with a non-GAAP loss per share projected between -$0.22 and -$0.02. The net loss for 2022 was $26.8 million, improving from $40 million in the previous year.
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